'Wellness City' likely to miss launch deadline

JOHOR BARU: Khazanah Nasional Bhd and Temasek Holdings's joint venture "Wellness City" development in Johor Baru is likely to miss its May launch deadline, as bilateral discussions continue between Singapore and Malaysia.



Johor Menteri Besar Datuk Abdul Ghani Othman said the joint venture has been included in Points Of Agreement (POA)++ discussions between the two countries, which are only expected to be concluded by the end of the year.

"Its' been referred to as a "Wellness City", what constitutes as "Wellness", that has to be sorted out by the two joint venture partners.... but at least to some extent there has been some commitment. The site has been agreed upon.., it's somewhere where we are now," he told reporters at Danga Bay Sdn Bhd's sales office in Johor Baru last Saturday.

Danga Bay Sdn Bhd was awarded a privatisation by the Johor State Government in early 2000 to develop 720ha of waterfront land along Johor Baru's Lido Beach.

In a joint statement on the "Wellness City" project issued in May 2010, both countries' leaders had said they looked forward to a launch by May 2011.

The POA++ includes talks on an Rapid Transit System (RTS) to improve accessibility between Singapore and Johor Baru.

"The issue is where to connect (between Singapore and Johor Baru) and what kind of RTS we are talking about. Now its just a general term, RTS," Abdul Ghani said.

Some 60,000 to 70,000 motorcyclists cross the causeway to Singapore on a daily basis.

"JB Sentral hasn't got the space for it where as Kempas has about 80ha of land. The chances are we will link the RTS to Kempas Baru Railway station," Abdul Ghani said.

By Business Times

UK April house price fall biggest in 18 months

LONDON: House prices in England and Wales fell in April at their fastest annual pace in 18 months and are likely to slip further this year on fears about the economic outlook, Hometrack said yesterday.

The property data firm's monthly survey showed prices were 3.3% down in April compared with a year ago, the biggest decline since October 2009, when Britain was emerging from recession.

Stronger demand left prices unchanged on the month, ending a nine-month run of falls.

However, Hometrack said the pick-up in demand was likely to fade during the rest of the year as public spending cuts, tax rises and waning consumer confidence take their toll.

“The second half of 2011 is likely to emerge as a new phase where rising supply will constrain any further improvement in pricing levels,” said Hometrack research director Richard Donnell. “Weaker consumer confidence could result in a slowdown in demand which would exacerbate the pressure on prices.”

The proportion of the asking price that sellers received in April fell to 92.6% from 92.7%, in what could be an early sign of buyers' increasing power, he added.

The number of new properties listed for sale rose in April by 5.5%, compared with 5.2% in March.

New buyers registered with estate agents rose by 2.8% in April, down from March's 4.2% increase.

London continued to buck the national trend, with a 0.3% month-on-month price rise in April. Reuters

Prices fell in every other region, led by the northeast's 0.4% decline.

The British Bankers' Association said last week that UK mortgage approvals fell by 10% in March compared with a year earlier.

By Reuters

Record year for property transactions seen

PETALING JAYA: Malaysia is likely to see a record year for property transactions and home price appreciation could accelerate, said CIMB Investment Bank Bhd.

In its latest report for the Malaysian property sector, the research house said it remained particularly bullish on residential properties as house prices were likely to trend higher and volumes would scale new highs.

“Developers benefited from the increase in transaction values and rising house prices in 2010 and will continue to do so in 2011,” it said.

According to the 2010 Property Market Report (PMR) published by C H Williams Talhar & Wong, property transactions last year rebounded from 2009's slump at 11% to 376,583, with transaction values rising 33% to a record RM107.44bil. Residential prices in all states also rose, gaining an average 6.7%, the quickest pace since the 1997/8 Asian Financial Crisis at 6.7%.

“While the authorities may fret about property bubbles and take measures to cool down the sector, history shows that such actions do not burst bubbles and merely slowed down the ascent of property prices and resulted in short term profit-taking on property stocks,” CIMB said, adding that it did not expect any major negative policies to be introduced for the property sector until after the general elections, widely expected to be held later this year or early next year. While CIMB maintained a bullish stance on residential property sector, it said prospects for commercial properties in the country did not look promising due to the significant new supply coming onstream.

In that regard, it said, “property investment companies would continue to be weighed down by soft rental rates stemming from relatively high vacancy rates and substantial new supply.”

The PMR showed weak demand and rising supply were already weighing down occupancy rates for commercial properties, particularly office spaces in the Klang Valley, last year.

By The Star

A green look at property value

A growing number of developers and building owners in Malaysia are recognizing the value of going “Green”. The term sustainable development has interchangeably been used to reflect “green features” in the development.

In some countries, sustainable development has a deeper meaning than simply applying “green features” as it is used to tackle a number of global issues such as poverty, inequality, hunger and environmental degradation.

But, in the context of property development in Malaysia, it can generally be referred to as practices that can lead to more environmentally friendly and ecologically responsible decisions and lifestyles, which can help protect the environment and sustain its natural resources for current and future generations. Earth Summit in Rio, Brazil in 1992 was one of the major international efforts to bring sustainable development to the mainstream.

In Malaysia, while some developers have taken their own initiatives to achieve international green certification such as LEED, and BCA Green Mark, the establishment of a green rating tool known as Green Building Index (GBI) by Greenbuildingindex Sdn Bhd, a group of architects and engineers in February 2009 has marked another level of achievement in our effort to preserve and save the environment. Developed to promote green design, construction, reconstruction and operation of buildings, GBI focuses on six green criteria, such as energy efficiency, indoor environmental quality, sustainable site planning and management, materials and resources, water efficiency and innovation.

It was reported that currently there are 21 GBI-certified buildings; some of them are Sunway SPK 3 Harmoni, 311 House, Ken Bangsar Serviced Residences, Pusat Tenaga Malaysia, 1 First Avenue and Menara Worldwide.

In March this year, GBI Township Rating Tool was launched to further mark a green effort to transform our communities. The six assessment criteria are climate, energy and water; ecology and environment; community planning and design; transportation and connectivity: building and resources as well as business and innovation. Five pilot projects that were reported to have registered with the GBI are TTDI Alam Impian, Boga Valley, Ken Rimba, Elmina East, and Karambunai Intergrated Resort City.

With the growing interest in green development, critical questions have been raised by property buyers and investors - whether there is an enhancement to the market value of green-rated properties or is it an over-enhancement? Will these green properties be more marketable and attractive for investment purpose? In Malaysia, a comprehensive study on this subject has yet to be conducted. However, at this stage, we can also learn from experience in countries that are more advanced in the green initiatives.

A survey conducted by New York Times in 2006 concluded “when faced with the choice of renting or buying two similar apartments, consumers increasingly will opt for the one with Green features, even if it comes at a higher price.” In a study on the need for Green features in buildings conducted by Harvard Business Review in the same year, it recommended that building owners of “standard” buildings needed to adopt Green features, otherwise their buildings would face massive obsolescence.

In Germany, which is more advanced in its environmental movement, sustainability has become a key factor, where building owners would have difficulty leasing the properties if environmental measures were not taken into consideration.

Jamestown Properties, a German commercial real estate investment company, has recently announced that it will invest its entire US$4bil portfolio of buildings in the United States in “green” buildings. Other prominent investment funds that are incorporating green buildings and energy-efficient buildings and other principles of sustainability into their property selections and portfolios are Investa Commercial Property Fund based in Australia and Rose Smart Growth Investment Fund 1 in New York.

In terms of rental rate, a study led by Professor John M. Quigley of University of California in Berkeley concluded that rents for green offices were about 2% higher than rents for comparable buildings within the same area. However, in terms of appreciation, the result has yet to be seen because most of these green-rated buildings have been around only for the last few years and only a few, if any, have been re-sold.

And the profile of prospective buyers might also influence the value placed on the properties. For example, a buyer or tenant who places high value on green efforts as part of their Corporate Social Responsibility might be willing to pay higher prices or rental. In the case of Jamestown Properties, some of the properties will be held between seven and 10 years to benefit from reduced operating costs.

Back home, the asking rental rate at Menara Worldwide, a newly completed GBI-certified office building at Jalan Bukit Bintang is RM6 psf, which is comparable to the average rental rate of standard prime buildings in the city centre. Rental rates of existing prime office buildings within this area range from RM5.80 psf to RM7 psf. On the other hand, the asking rental rate of another GBI-certified office building, G Tower, which was completed in 2009 and also a MSC-status building, is RM6.80 psf, about 13% higher than the average rate of RM6 psf.

Rental rates of existing prime office buildings within this area range from RM5.50 psf to RM9 psf. In 2009, Shell People signed a 15-year lease at rental rate of RM8.50 psf for office space at 348 Sentral, which is expected to be completed in 2012 consisting of 33-storey office tower and 21-storey serviced residence to be certified by LEED Gold standards. Current rental rates of existing prime office buildings within this area range from RM6 psf to RM7 psf.

It can be concluded that at present, the difference in rental rates between green and non-green buildings is not so much due to the green features, but more of supply and demand factors within the specific location. With proper method of valuation being used to take into account green features, I believe there would be more recognition of the actual benefits of green buildings in the future.

Senator Datuk Abdul Rahim Rahman is the executive chairman of Rahim & Co group of companies.

By The Star

Mah Sing completes purchase of land

Mah Sing Group Bhd has completed the purchase of a 141,084 sq m prime freehold residential land in Cyberjaya from Cyberview Sdn Bhd and Setia Haruman Sdn Bhd for RM51.63 million.

The purchase of the land was made through the company’s wholly-owned subsidiary Myvilla Development Sdn Bhd.

By Business Times

Luxury lakeside condominium

Cool sight: The LaCosta sandy beach pool.

Sunway City Berhad (SunCity) continues to strengthen its presence as a leading property developer in Malaysia with the much-anticipated LaCosta at Sunway South Quay which is located within the Sunway Integrated Resort City (SIRC).

LaCosta has a sandy beach pool that will be the perfect corner for families to gather and enjoy a splash together, as well as an Olympic-length pool.

Residents will be thrilled by the fact that they do not have to travel miles to enjoy a sandy beach pool as all they have to do is to take the elevator.

SunCity leveraged on its expertise in managing the Sunway Lagoon theme park which has the world’s largest man-made surf beach when developing the sandy beach pool for LaCosta.

In view of its unique sandy beach pool concept, the launch of LaCosta was recently held at the Surf Beach @ Sunway Lagoon where the public was invited for a fabulous beach party.

The response was overwhelming and it was indeed a unique way of launching a property as SunCity offered guests a first-hand beach experience which will be replicated in LaCosta in the future.

Guests were entertained by lively dance performances, magicians, clowns and a delicious barbeque dinner. They were also presented with the opportunity to build sand castles and view an exciting volcano show.

Standing tall on a land area spanning 5.39 acres, the four-tower condominium is nestled in the opulent Sunway South Quay.

The development will have 377 units with a built-up ranging from 1,302 sq. ft to 3,226 sq. ft. The gross development value (GDV) is approximately RM400 million.

The selling price ranges from RM880,000 onwards with attractive financing packages that includes developer interest bearing scheme during construction. Currently, there is a discount of 10% for a limited period of time.

“LaCosta is yet another unique property in Sunway South Quay as it allows residents to enjoy a metropolis lifestyle next to a 28acre lake. To date, BayRocks Garden Waterfront Villas and A’marine condominium in Sunway South Quay have both enjoyed overwhelming responses.

“As such, we are confident that LaCosta will be in high demand and its appeal is strengthened further as it is situated within a hub of award-winning and world-class shopping, theme park, hospitality, education and health­care facilities,” said Sunway City Berhad managing director (property development Malaysia) Ho Hon Sang.

One of the main unique selling points of LaCosta is that every unit enjoys a lakeside view. Apart from the unique sandy beach pool, residents can also enjoy lushly landscaped podiums, extra-wide balconies projecting a better view for each unit and most importantly, exclusive privacy with only four units per floor.

There will also be four uniquely themed sky gardens — Mediterranean, Tropical, Herb and Zen Gardens with facilities that include a games room, ballet studio, yoga zone and others.

The development also oversees a majestic view of the entire Kuala Lumpur skyline in the distant horizon and inspiring horizons of the Sunway South Quay lake.

By The Star

Commerce One – office suites for SMEs and start-up companies

Artist's impression of the completed Commerce One development.

Calling all SMEs and new start-up company owners …. a rare opportunity to own a new office suite in one of Kuala Lumpur’s prime and established locations awaits you at Commerce One.

Strategically located in the prized business hub of Jalan Klang Lama (5th mile), Commerce One, developed by GuocoLand Malaysia, offers small and medium sized companies a viable option of owning their office premises rather than the usual rental route.

The twenty one storey corporate office building offers 222 units of modern office suites (500 and 1,700sq ft), a retail and F&B floor, fiber optic broadband connectivity, dedicated entrance lobby, 24-hour security, ample cark park and landscaped terraces.

For added convenience and privacy, en-suite toilets and pantries are standard features in all office suites (from 1,138sq ft) facing Jalan Klang Lama.

Commerce One, located near the Pearl International Hotel and only 3km to Mid Valley City, is well served by a network of highways – New Pantai Expressway, KL-Putrajaya Highway, Shah Alam Expressway (KESAS) and Federal Highway – and good public transportation.

GuocoLand (Malaysia) Bhd Marketing and Sales Director Pam Loh said Commerce One would also make an excellent investment option given its attractive rental returns of about six per cent for prime office locations in Jalan Klang Lama.

“Perhaps the biggest appeal to the SMEs will be the ease of new hire for office support staff many of whom are increasingly very picky about the location of their workplaces. Retail, eating places and public transportation are also within easy reach in this thriving business area.”

“We are also giving top priority to security for added peace of mind. Access card and close circuit TV will be part of the total security system in addition to round-the-clock security,” she said.

About fourth per cent of office suites have been sold during the soft launch ahead of Commerce One’s launch at the Commerce One Sales Gallery (2-3, Lorong 2/137C, off Jalan Klang Lama. Tel: 016-3399 506) on 5 May 2011. The office suites are priced from RM430 per sq ft.

By The Star

Home prices, deals to accelerate: CIMB

Malaysia is likely to see a record year for property transactions and home price appreciation could accelerate, CIMB Investment Bank Bhd said in a report today.

The bank maintained its “overweight” rating on the industry and said Mah Sing Holdings Bhd was its top pick, it said.

Meanwhile, CIMB Research is bullish on the performance of the properties sector for 2011 after hitting a record transaction of RM107.44 billion last year.

It said the potential re-rating catalysts for the sector are newsflow on landbanking, strong sales from most developers and accelerating earning growth.

"We remain bullish on the property sector, especially the residential properties, as house prices are likely to trend higher and volumes should scale new highs," it said in a research note today.

CIMB Research said the price direction was determined by major cycles and negative external events such as the Asian and global financial crisis.

It said the cycle was currently in the property sector's favour.

By Bernama

Jeffrey Ng says purchase of Putra Place proper

PETALING JAYA: Sunway REIT Management Sdn Bhd and OSK Trustees Bhd have followed the proper procedures in the acquisition of Putra Place at a public auction, said Sunway REIT Management chief executive officer Datuk Jeffrey Ng.


Datuk Jeffrey Ng says the trustee and the manager of Putra Place would vigorously defend all claims raised by Metroplex

“Sunway REIT has successfully bidded for Putra Place at a public auction conducted by the Kuala Lumpur High Court and which was held for the fourth time on March 30,” Ng told StarBiz yesterday.

He was commenting on the move by the previous owner Metroplex Bhd to block the sale of the property that comprise The Mall shopping complex, Legend Hotel and an office tower.

He said Metroplex's action was “completely without merit” and the trustee as well as the manager of Putra Place would vigorously defend all claims raised in the two legal proceedings.

Metroplex has served an originating summons and an affidavit to Commerce International Merchant Bankers Bhd, OSK Trustees, Sunway Real Estate Investment Trust, Sunway REIT Management and Ahmad Fairuz Mohd Puzi, a court officer who conducted the auction of Putra Place.

Sunway REIT, in a filing to Bursa Malaysia on Wednesday, said the court summons dated April 25 were served on the defendants on Tuesday evening.

Metroplex had requested the High Court to set aside the sale of the property to OSK Trustees and/or Sunway REIT and/or Sunway REIT Management.

It had also requested that the property be remitted back to the Registrar of the High Court due to breaches of the National Land Code 1965, Capital Markets and Services Act 2007, and the Guidelines on Real Estate Investment Trusts issued by the Securities Commission.

Metroplex is seeking to get the High Court to declare the sale as null and void as it claimed the public auction had been turned into a private auction.

Sunway REIT, in a separate filing to Bursa Malaysia yesterday, said the High Court has dismissed the summon-in-chambers with costs pertaining to the injunction sought by two individuals Robert Ti and Indonesian Kornelis Kurniadi to restrain OSK Trustees and Sunway REIT from completing the sale of Putra Place land.

Sunway REIT said the High Court also dismissed the plaintiffs' oral application for an interim order that the trustee and Sunway REIT be restrained from selling or dealing with Putra Place pending the disposal of the originating summons.

The High Court has also fixed May 5 as case management for the originating summons.

By The Star

Firm helps M’sians invest in Australian properties

Renowed Australian property company, King Group, has set up a one-stop business centre in Malaysia to help potential local property buyers to invest in Down Under.

Known as OZ Property Sdn Bhd, the company opened its doors in Kuala Lumpur last month.

The objective behind setting up the local firm was to provide potential Malaysian investors a quicker access and information pertaining to quality Australian properties.

“The company offers a one-stop solution for potential local investors ranging from a panel of mortgage brokers, migration agencies, education agencies and solicitors in Malaysia,” said its chief executive officer Dr Edwen Yew.

King Group is a property development, project marketing and project management company that is involved in a wide range of developments in Australia.

“Our goal is to guide and assist potential investors in buying properties in Australia,” said Yew.

He said the company also provided property management, including managing services to those who have invested in Australian properties.

He said the firm would be organising property roadshows over the next few months to showcase the available Australian properties to interested investors.

“Aside from showcasing Australian properties, Oz Property will also sell United Kingdom properties to local investors in July.”

Yew said as part of the company’s long-term expansion strategy, there were plans to venture into property development in Malaysia within the next two years.

By The Star

Tesco plans to open 6 more hypermarkets

KEPONG: Tesco Stores (Malaysia) Sdn Bhd (Tesco Malaysia) plans to open six new hypermarkets this year, with expected investment reaching at least RM480 million.

Its chief executive officer Tjeerd Jegen said it would continue to do this but the number would depend on the government's approvals.

"As far as we are concerned, we want to open up many stores, including in Sabah and Sarawak within the next 10 years, to make our stores accessible to customers," Jegen told reporters after launching Tesco's 10th year anniversary here yesterday.

Tesco now operates 39 stores and two distribution centres.

It is now focusing on expanding its business in the north.

So far this year, Tesco had opened three stores with investments worth some RM240 million. In the next six months, it will open another three.

"The three new stores will be located in Penang, Old Klang Road in Kuala Lumpur, and Sri Iskandar in Perak. Usually, we will invest between RM80 million and RM200 milllion for a store," he said.

Tesco Malaysia is a joint venture between Tesco plc, one of the world's largest international retailers, and Sime Darby Bhd. It started operations in May 2002, with the opening of its first hypermarket in Puchong, Selangor. It currently employs some 15,000 people.

Apart from new stores, Tesco Malaysia will also help upgrade 152 small retail shops under a government plan called Tukar.

Tukar, one of the Entry Point Projects under the Economic Transformation Programme, aims to modernise these shops to increase their competitiveness. To date, three major retail chains, namely Mydin, Carrefour and Tesco have signed up.

Tesco Malaysia has adopted two retail outlets, one in Shah Alam and the other one in Bukit Puchong under the project.

"We have contributed some RM80,000 in terms of shelving and equipment to a shop in Shah Alam and another RM60,000 to the shopowner in Bukit Puchong.

"They have since managed to increase their sales. For instance, the shopowner in Shah Alam managed to double her sales, while the other shop in Puchong managed to increase its workforce," he said.

By Business Times

Mah Sing's Star Avenue Shop Offices sold out in one weekend

Artist’s impression of the Avenue Street Mall at Star Avenue at Damansara.

Mah Sing Group Berhad registered sales of RM242.5million during the launch of Phase1&2 of Star Avenue@D’sara in Sungai Buloh over the weekend. The launch attracted more than 800 prospective buyers and all 92 units of the three storey shop offices averagely priced from RM2.6million were snapped up.

“We have been quite confident that Star Avenue@D’sara shops would be well received based on its strong potential and exceptional value but a 100% take up rate on the first sales launch event weekend has exceeded our expectations and was a pleasant surprise. We are happy that the purchasers appreciated our effort in designing the shops to encourage business vibrancy with features such as wide frontage, corridors and walkways, besides boasting high floor to ceiling height of 22 feet which gives an option to owners to possibly add a mezzanine floor. Its appeal is further enhanced by virtue of it being the first and only night guarded shop office development. In view of the overwhelming response to Star Avenue@D’sara over the weekend, we are now opening 46 units of the Avenue Street Mall retail lots for registration,” said Mah Sing’s chief operating officer Andy Chua.

The Avenue Street Mall offers 370,000sq ft of nett lettable area spread over four levels, and Mah Sing Group intends to keep approximately 60% to ensure the right tenancy mix to maximize the rental yields and increase capital appreciation. The proposed tenancy mix include F&B outlets, a supermarket, IT and tele-communications center, bowling alley, fashion and accessories stores, etc.

With an estimated catchment of 360,000 people within a 15 minutes drive and excellent visibility with more than 300,000 passing traffic daily, and the lack of a competing mall nearby, Star Avenue@D’sara is poised to be a shopping hotspot. Ample carpark with more than 1,500 bays on the ground floor and basement level has been allocated to cater to the expected influx of shoppers. The project is only 3 minutes from the proposed MRT Station in Taman Industri Sg. Buluh and strategically located at the busy traffic junction of Jalan Sungai Buloh (Guthrie Corridor), Persiaran Cakerawala and Jalan Lapangan Terbang Subang.


Buyer taking a closer look at Star Avenue at Damansara. With Phase 1&2 shop offices fully taken up, registration is now open for 46 units of the Avenue Street Mall retail lots.

“As connectivity is becoming more and more of a factor that appeals to the market, Star Avenue@D’sara's strategic location as well its superb accessibility and large population catchment that includes Subang, Subang Bestari, Sungai Buloh, Ara Damansara, Kota Damansara, Mutiara Damansara would serve the business community well. Star Avenue@D’sara shall be able to tap on the 13,000 students at the proposed new Help University Collegue-Subang 2 Campus, via Persiaran Cakerawala which is currently being upgraded into a 6 lane road. This project is also adjacent to the much talk about 3,300-acre Rubber Research Institute of Malaysia (RRIM) privatization land to be developed by EPF. Buyers are obviously optimistic of the RRIM land potential,” said Andy Chua.

More information on Star Avenue@D’sara is available on www.mahsing.com.my or 03-92218 888.

By The Star

I&P to launch projects with RM2b GDV

KUALA LUMPUR: Property developer I&P Group Sdn Bhd will launch several projects in its existing townships in Klang Valley and Johor Baru this year with an estimated gross development value (GDV) of over RM2 billion.

The projects, which will be launched between May and December, are located in Kuala Lumpur, Shah Alam, Bangi, Cheras, Puchong, Klang and Johor.



Group managing director Datuk Jamaludin Osman expects this year's property market outlook to be as good as last year.

"For this year, we will try to maintain or achieve better than last year's RM1 billion revenue," group managing director Datuk Jamaludin Osman said in an interview with Business Times recently.

I&P, a wholly-owned subsidiary of Permodalan Nasional Bhd (PNB), was formed about two years ago after the rationalisation exercise of three companies, namely Island & Peninsular Sdn Bhd, Petaling Garden Sdn Bhd and Pelangi Sdn Bhd.

Jamaludin said the group is currently working on various phases of development in 12 townships, of which three are in Johor and nine in the Klang Valley.

They include Bandar Baru Sri Petaling, TemasyaGlenmarie, Bandar Kinrara, Bayuemas, Alam Sari, Alam Impian, Alam Damai in Klang Valley; while Taman Industri Jaya, Taman Rinting and Taman Perling in Johor.

He said the townships will take between 10 to 15 years to be developed, depending on its location and marketability.

Jamaludin said people who buy the group's residential units are first-time buyers, upgraders and investors.

Depending on locations, he said in some areas, there are more Bumiputera buyers, while in other areas the houses are equally sought by both Bumiputeras and non-Bumiputeras.

The group has a total landbank of about 2,200ha in Klang Valley and Johor.

"We are looking for good land for development," he said when asked if the group is expanding its landbank.

By Business Times

I&P has homes in more than 60 townships

KUALA LUMPUR: I&P Group Sdn Bhd, a wholly-owned subsidiary of Permodalan Nasional Bhd, displayed its various property projects at the Minggu Saham Amanah Malaysia (MSAM) in Ipoh recently.

Projects include those in the Klang Valley and Johor.

"We are the premier partner of MSAM 2011. Besides displaying our products, there were also various activities at our booth," I&P group managing director Datuk Jamaludin Osman said in an interview with Business Times.

I&P was formed in May 2009 after the merger of three companies, namely Island & Peninsular Sdn Bhd, Petaling Garden Sdn Bhd and Pelangi Sdn Bhd.

The group, which has a combined track record of over 130 years in property development, has built homes in more than 60 townships.

By Business Times

Maju Assets upbeat on RM1.3b Sg Besi project

Maju Assets Sdn Bhd, the property arm of diversified Maju Holdings Sdn Bhd, is upbeat its RM1.3 billion mixed development in Sungai Besi, Kuala Lumpur will appeal to buyers.

The project, called Infinity, is in planning stage and will be launched by the end of next year.

It will comprise a four-star hotel, officer towers, serviced apartments and retail, sprawled on 6ha.

Maju Asset managing director, Adam Radlan Adam Muhammad (left) said the project will be attractive because of its concept, location and connectivity.

Radlan said in an interview with Business Times in Kuala Lumpur recently that the company is targeting domestic and foreign buyers to take up a pool of properties by en bloc, and sale of individual units.

"When we buy land, we make sure the area has good connectivity. We find that this is what buyers wants. As a developer, we have to look into that," he said.

"All our projects are devoted to creating developments of unrivalled quality in the country's most desirable locations, and adhering to the concepts of sustainability and community," he added.

Infinity, when completed in about three years, will have access to Sungai Besi Highway, Bukit Jalil Highway, Kuala Lumpur-Putrajaya highway and Kuala Lumpur-Seremban expressway.

Radlan said Maju Assets will spend RM25 million to improve the access to these highways as well as build a flyover from the Seremban highway exiting Kuala Lumpur.

Maju Assets also has 6ha in Sg Besi earmarked for an industrial project. It will be launched by mid-2012.

Radlan said the company plans to build warehouses and medium-sized factories with modern facilities, targeting multinational companies and local small and medium enterprises.

"The southern part of Kuala Lumpur is booming. A lot of property developers such as YTL Group are heading there. So we are bullish on both the projects," Radlan said.

By Business Times

KSL Properties looks to Maxis for broadband

Property developer, KSL Properties Sdn Bhd, is partnering Maxis to provide integrated end-to-end high-speed broadband Fibre-to-the-Home (FTTH) solutions for its residential development.

Maxis senior vice-president (home services) Harold Quek said the partnership agreement would provide and commission telecommunications infrastructure for the provison of broadband services for KSL's residential development in Johor.

"Immediate beneficiaries of Maxis' services will be the residents of 602 units of D'Esplanade Residence at KSL City," he told reporters after the signing ceremony here today.

Upon completion of the D'Esplanade Residence next year, Quek said Maxis would be able to offer a full suite of exciting and interactive services for its residents.

Maxis also planned to expand the offer to other KSL's development in Johor such as in Kempas Indah in Kempas and Bestari Heights in Nusajaya, both located within the vicinity of Johor Baharu City, he said.

This strategic partnership, he said, provided an opportunity to Maxis to deepen relations with the customers in Johor Baharu.

"We are already providing them with our wireless services and now we are paving the way to provide contemporary data products and suite of contents enriching the lives of our customers," said Quek.

Maxis Home Services was launched in March and currently the service is available in selected locations in the Klang Valley.

Within Johor, the services are available in Taman Molek.

Meanwhile, KSL Properties chairman Ku Hwa Seng said the D'Esplanade, the KSL's most distinguished project, offered contemporary design and embraced technology to enhance residents' lifestyle.

By Bernama

EUPE Corp sees RM30m pre-tax profit from residential project

KUALA LUMPUR: EUPE CORPORATION BHD expects pre-tax profit of more than RM30 million from a residential property project with a gross development value (GDV) in excess of RM130 million.

EUPE said on Wednesday, April 27 its unit EUPE Kemajuan Sdn.Bhd was buying 17.15 acres of land in Petaling district for RM37.35 million from Desaminium Jaya Sdn Bhd.

“The land is purchased for the purpose of residential development targeting about 150 units of terrace and semi detached homes with a GDV in excess of RM130 million and profit before tax estimated above RM30.0 million.

“The development is targeted to start in the second half of 2011 and will be completed within 3 years. The details of the development and layout plans are in the midst of being prepared and will be submitted to the relevant authorities for approval in due course,” it said.

EUPE said the land was in the process of being surrendered and realienated as 99 years leasehold land with separate title to be issued for the Phase 1C which was being purchased. This formed a condition preceding for the completion of the sales and purchase agreement.

EUPE said the proposed acquisition was in line with the group's core business competencies and would be a significant step to ensure future sustainable growth for the group.

The directors of Desaminium Jaya are Tan Tiang Ee (managing director), Datuk Tan Tiang Kwong, Tan Nai Loon, Tan Taing Jok, Tan Tiang Kee, Tan Yuk Ching and Tan Siew Ling

By The EDGE Malaysia

Selangor Dredging buys RM31m plot

SELANGOR Dredging Bhd is buying a plot of land in Hulu Langat, Selangor from Webcon Sdn Bhd for RM31 million.

The land is currently charged to Affin Bank as security for a banking facility granted to Webcon, Selangor Dredging Berhad said in a filing to Bursa Malaysia yesterday.

Webcon has obtained a development order and building plan approval to develop the land into blocks of condominiums amounting to 540 units.

By Business Times

SDB buys land for RM31m

SDB Properties Sdn Bhd, a subsidiary of Selangor Dredging Bhd (SDB), has acquired a piece of land measuring 36,339 square metres from Webcon Sdn Bhd for RM31 million.

The property, located in the centre of the Cheras South communities and surrounded by various public amenities, was easily accessible from various highways such as the Cheras-Kajang Expressway, SILK Highway and Sungai Besi Expressway as well as secondary roads, SDB said in a statement today.

It said SDB would develop residential units on the property with an estimated gross development value of RM300 million.

By Bernama

Marriott plans 2 more hotels in Malaysia

KUALA LUMPUR: Hotel management company Marriott International Inc, which operates the Marriott, Renaissance and Ritz Carlton, is scheduled to open two new hotels in Malaysia by the middle of next year, bringing the total number of hotels here to nine.

These two new openings, one in Johor and another in Sarawak, will see the group increase its room inventory in Malaysia by 400 from about 3,000 now.

Area vice-president for India, Malaysia, Maldives and Australia Rajeev Menon said that it will open a 300-room Renaissance in Bandar Baru Permas Jaya in the second quarter of next year.

The group also targets to open a 101-room Mulu Marriott Resort & Spa by mid-2012. This property, previously the Royal Mulu Resort, is located next to the Mulu National Park, a Unesco World Heritage Site. It is now undergoing a complete makeover.

The seven operational hotels in Malaysia now are Ritz-Carlton Kuala Lumpur, JW Marriott Hotel Kuala Lumpur, Renaissance Kota Baru in Kelantan, Renaissance Kuala Lumpur Hotel, Renaissance Melaka Hotel, Miri Marriott Resort & Spa and its franchised property, Putrajaya Marriott Hotel.

Meanwhile, chief operating officer for Asia Pacific Craig S Smith said Malaysia is an important market for the group, especially since intra-Asian travel is big.

As more of its hotels open in India, China and the Middle East, more guests are familiar with the brand. Thus, loyalty helps to fill up hotel rooms in other countries too.

He added that its hotels in Malaysia will benefit from the growth in India, China and the Middle East.

The group, which experienced a tough 2009 for its Malaysian hotels, saw revenue per available room grow by a tenth in 2010 compared to the previous year.

"This year has started strong, (our) Kuala Lumpur hotels are doing well but it is too early to say how the situation in the Middle East will reflect in Malaysia this year," Rajeev said.

"We expect similar growth or partially more growth in 2011 compared to 2010," he added.

By Business Times